Crypto News: Binance To Train Law Enforcement On How To Stop Crypto Crime

Binance, the world’s largest crypto exchange by trading volume, is launching a global training program to combat cryptocurrency thieves. 

iexclusivenews reports that Matthew Price, the exchange’s head of intelligence and investigations in the Americas, told CoinDesk TV’s “First Look” segment that the exchange is “looking into” cryptocurrencies.

“It’s the first industry-led initiative to provide training to law enforcement, regulators [and] prosecutors around the world, to tackle financial crimes and crimes that may occur using cryptocurrency,” Price, a former Internal Revenue Service agent, said.

“It’s important to have law enforcement have the ability to investigate these crimes, and one of the ways you do that is [by] demystifying crypto,” Price said.

 “Explaining how to investigate it, how to request information from cryptocurrency exchanges, how to use that information, how to interpret it and how to work with the industry to tackle the bad actors out there.”

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A Chainalysis analysis claims that attacks cost the cryptocurrency sector more than $200 million in August.

Binance will collaborate with law enforcement authorities to “monitor and trace suspect accounts and fraudulent activity,” including money laundering, selling child pornography, and circumventing sanctions, according to a previous report from Yahoo Finance.

That initiative had been explored “informally for a year,” Price said, explaining that the team then “saw an opportunity” to bring the program to a wider audience, “particularly in jurisdictions that may not have some of the resources or experience in place to investigate,” crypto crime-related cases.

“We work with law enforcement throughout the world,” Price said, pointing out that the exchange collaborates with officials in Argentina, Brazil, the Philippines, and other countries.